State-directed investors, known collectively in Chinese as the national team, piled into Chinese equities yesterday to prop up the benchmark index after it suffered its second-worst day on record on Monday.
Large inflows of mostly state-directed capital limited the fall in the Shanghai Composite Index to 1.7 per cent after it dropped 8.5 per cent in Monday’s trade.
“The national team is much more prepared this time so, on Monday night, the securities regulator made a statement and we see a fundamental change from [a few weeks ago] when [the authorities] acted quite slowly,” said Li Daxiao, an analyst at Yingda Securities.
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